ST. PETERSBURG, A Novosti) - Russia's largest independent oil producer LUKoil [RTS: LKOH] intends to boost oil output 1.2-1.7%, year-on-year, in 2008, the company's CEO said on Saturday.
LUKoil, which accounts for about 1.3% of global oil reserves and 2.3% of world crude output, produced 96.9 million metric tons (710 million barrels) of oil in 2007.
"Crude output growth will range from 1.2% to 1.7% in 2008," Vagit Alekperov said at the 12th St. Petersburg International Economic Forum, adding that hydrocarbon production would rise 2% this year.
Alekperov also said that the company would channel an additional $4 billion from its 2008 investment program into the acquisition of refining and extracting assets.
"This [purchase] will include a refinery and extraction," Alekperov said to explain the reasons for increasing the company's investment program from $11 billion to $15 billion in 2008.
